Dublin, August 26, 2024 (GLOBE NEWSWIRE) — The report “Sustainable (Recycled and Green) Steel Market – A Global and Regional Analysis: Focus on End-User Application, Product Type, Technology and Country Analysis – Analysis and Forecast, 2024-2034” has been added to The Offer.
The global sustainable (recycled and green) steel market was valued at USD 329.83 billion in 2023 and is expected to grow at a compound annual growth rate of 8.52% to reach USD 820.14 billion by 2034.
This growth is driven by increasing demand for low-carbon building materials and stringent environmental regulations. Innovations in steel production technology, such as hydrogen-based reduction processes and advances in recycling, are key factors driving the market. In addition, strategic partnerships and investments in green infrastructure projects are creating a robust market environment and underscoring the importance of sustainability and reducing the carbon footprint in the steel industry.
The steel industry is one of the most energy-intensive industries in the world, accounting for around 8% of global carbon dioxide emissions. However, steel is a crucial material for economic development and therefore it is time to look for sustainable steel alternatives that can be integrated into regular use.
Asia Pacific dominates the global sustainable steel market and is expected to maintain its dominance during the forecast period from 2024 to 2034. The region is home to several steel producers, including Baowu Steel Group, Nippon Steel, JFE Steel, Tata Steel, and POSCO. According to the World Steel Association, Asia Pacific accounts for more than 50% of the total global steel production.
Various sustainable steel producers such as ArcelorMittal, Tata Steel, China Baowu Steel Group, POSCO and Nippon Steel have a strong presence in the Asia Pacific region and continue to expand their production facilities to strengthen their market positions in the competitive sustainable steel market. For example, Tata Steel inaugurated its new production facility in India in October 2023 to produce green steel using advanced recycling and low-carbon technologies.
Industrial impacts
The industrial impact of the sustainable steel market spans steelmaking, technological innovation and environmental sustainability. Advances in green steel technologies such as hydrogen-based reduction and arc furnaces are driving the development of low-carbon steel production methods. This is leading to collaborations between steel producers and technology companies, raising production standards and pushing the boundaries of research and development. The focus on reducing carbon emissions and increasing energy efficiency is in line with global climate goals, influencing industrial practices and encouraging the adoption of environmentally friendly steel solutions.
Some of the key players in the sustainable steel market include ArcelorMittal, Commercial Metals Company (CMC), Gerdau S/A, HBIS GROUP, NIPPON STEEL CORPORATION, Nucor Corporation, Steel Dynamics, Pascap Co. Inc., POSCO, Radius Recycling, Inc., Tata Steel, H2 green steel, SSAB AB, thyssenkrupp Steel Europe, and China Baowu Steel Group Corporation Limited, among others. These companies are focusing on strategic partnerships, collaborations, and acquisitions to expand their product offerings and expand their market presence.
Market segmentation:
The building and construction segment will dominate the sustainable steel market (by end-user application)
The construction sector is expected to be the largest during the forecast period of 2024 to 2034. This growth is driven by the increasing demand for sustainable steel for numerous construction components. These components include structural elements such as steel beams, piping, and stairs, as well as aesthetic and functional fittings such as handrails and railings. The trend towards eco-friendly construction practices, coupled with the need for durable and recyclable materials, has significantly increased the demand for sustainable steel in this sector. This trend is expected to continue as more construction projects emphasize sustainability and resilience, further driving the growth of the use of sustainable steel in construction.
Recycled steel dominates the sustainable steel market (by product type)
Due to the increasing demand for sustainable solutions, recycled steel is increasingly being used by end users. The use of recycled steel offers significant environmental benefits, as approximately 1.1 tonnes of iron ore, 630 kg of coking coal and 55 kg of limestone are saved for every tonne of steel scrap used. In addition, water consumption is reduced by 40% and greenhouse gas emissions by 58%. These environmental savings lead to cost efficiency and improved competitiveness as the need for raw materials and associated costs are reduced.
The increasing emphasis on sustainability and resource efficiency is making recycled steel the preferred choice in many industries and is further driving its adoption and integration into supply chains. As more industries prioritize environmentally friendly practices, the use of recycled steel is expected to continue to grow, contributing both to environmental protection and economic benefits.
The electric arc furnace will dominate the sustainable steel market (by technology)
The electric arc furnace (EAF) represents a significant advancement in sustainable steel production and is becoming a critical method for large-scale production. This technology shift from the traditional blast furnace-oxygen condensing furnace (BF-BOF) to EAF is mainly driven by the increasing use of scrap and the introduction of direct reduction processes (DRI) based on green hydrogen. EAF technology is more environmentally friendly as it uses recycled steel and reduces dependence on virgin raw materials, resulting in lower greenhouse gas emissions and lower energy consumption.
In addition, the introduction of DRI-EAF technology, which uses green hydrogen, paves the way for even more sustainable steel production processes and is in line with global efforts to reduce carbon footprints and promote environmentally friendly industrial processes. This transition is crucial for the steel industry as it seeks to comply with stricter environmental regulations and meet the growing demand for sustainable materials.
What added value can this report create for a company?
Growth/Marketing Strategy: The sustainable steel market is growing at a rapid pace. The market offers tremendous opportunities for existing and emerging market players. Some of the strategies covered in this segment are mergers and acquisitions, new product launches, partnerships and collaborations, business expansions, and investments. The strategies preferred by companies to maintain and strengthen their market position primarily include product development.
Competitive Strategy: The key players in the sustainable steel market analyzed and profiled in the study include manufacturers and recyclers. In addition, a comprehensive competitive landscape such as partnerships, agreements, and collaborations is intended to help the reader understand the untapped revenue streams of the market.
Key market players and competitive overview
The companies profiled in the sustainable steel market were selected based on input from leading experts and an analysis of company coverage, product portfolio and market penetration.
Main features:
| Report Attribute | Details |
| Number of pages | 183 |
| Forecast period | 2024 – 2034 |
| Estimated market value (USD) in 2024 | 362.22 billion US dollars |
| Projected market value (USD) until 2034 | 820.14 billion US dollars |
| Average annual growth rate | 8.5% |
| Regions covered | Generally |
Market dynamics at a glance
Market drivers
- Conversion of the construction industry to sustainable materials
- Government regulations and net zero targets
- Use of renewable energy sources in steel production
Trends: Current and future impact assessment
- Circular economy and recycling
- Technological progress and increasing research and development
- Carbon capture and emission reduction
Market restrictions
- Limited availability of green technologies and infrastructure for sustainable steel production
- High costs of introducing environmentally friendly steel production methods
Market opportunities
- Increasing demand for sustainable infrastructure and environmentally friendly construction projects
- Increasing cooperation between steel producers and end users
Supply chain overview
- Value chain analysis
- Market map
- Price forecast
Research and development report
- Trend in patent applications (by number of patents, country)
Regulatory landscape
Impact analysis of major global events – COVID-19 pandemic, Russia-Ukraine war or Middle East crisis on the sustainable (recycled and green) steel market
- Covid-19 pandemic
- Russia/Ukraine war or Middle East crisis
List of major steel producers and their net zero targets
Startup landscape
- Important start-ups in the ecosystem
Global projects and developments for green steel
Competitive benchmarking and company profiles
Next frontiers
Geographical assessment
Company profiles
- ArcelorMittal
- CMC
- Gerdau S/A
- HBIS GROUP
- NIPPON STEEL CORPORATION
- Nucor Corporation
- Steel dynamics
- Pascap Co. Inc.
- POSCO
- Radius Recycling, Inc.
- Tata Steel
- H2 Green Steel
- SSAB AB
- thyssenkrupp Steel Europe
- Baowu Steel Group, Inc. (China)
List of other major sustainable steel producers
- LIBERTY Steel Group
- Lech Steelworks GmbH
- SAIL
- voestalpine AG
- JSW
- Outokumpu
- Boston Metal
- Ansteel Group Corporation Limited
- United States Steel Corporation
- Cleveland Cliffs Inc.
- ScrapBuk
- Limelight Steel
- Blastr Green Steel AS
- ElectraSteel Incorporated
- Element Zero
For more information about this report visit https://www.researchandmarkets.com/r/ikvqkp
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Global market for sustainable (recycled and green) steel
